General Motors (NYSE:GM) Shares Purchased by ZWJ Investment Counsel Inc.

17 Oct 2024, 09:26 by Doug Wharley · The Cerbat Gem

ZWJ Investment Counsel Inc. increased its position in shares of General Motors (NYSE:GM – Free Report) (TSE:GMM.U) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 388,617 shares of the auto manufacturer’s stock after acquiring an additional 7,980 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in General Motors were worth $17,426,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in General Motors by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 1,949,498 shares of the auto manufacturer’s stock worth $70,026,000 after buying an additional 384,022 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of General Motors in the 4th quarter valued at $680,000. Moody National Bank Trust Division boosted its stake in General Motors by 11.1% during the 1st quarter. Moody National Bank Trust Division now owns 6,993 shares of the auto manufacturer’s stock worth $317,000 after purchasing an additional 700 shares during the period. GAMMA Investing LLC boosted its stake in General Motors by 32.2% during the 1st quarter. GAMMA Investing LLC now owns 9,705 shares of the auto manufacturer’s stock worth $440,000 after purchasing an additional 2,366 shares during the period. Finally, First Hawaiian Bank lifted its stake in shares of General Motors by 18.4% in the 1st quarter. First Hawaiian Bank now owns 29,245 shares of the auto manufacturer’s stock worth $1,326,000 after acquiring an additional 4,553 shares during the period. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GM has been the subject of several recent analyst reports. Wolfe Research initiated coverage on shares of General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group raised their target price on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Barclays raised their target price on shares of General Motors from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $54.00 price target on shares of General Motors in a research note on Wednesday, October 9th. Finally, DZ Bank cut shares of General Motors from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research report on Friday, October 11th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.35.

Read Our Latest Stock Analysis on GM

General Motors Trading Up 2.4 %

GM opened at $49.00 on Thursday. The firm has a market capitalization of $55.90 billion, a P/E ratio of 5.99, a P/E/G ratio of 0.56 and a beta of 1.42. The firm’s 50 day moving average is $46.76 and its 200-day moving average is $45.87. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23.

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. The company had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.91 earnings per share. Analysts expect that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were paid a $0.12 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.98%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Buying and Selling

In related news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the purchase, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was acquired at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

About General Motors

(Free Report)

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.